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  • Looking at the New Narrative for Nutanix After Its First Miss and Recalibrated Outlook

    Looking at the New Narrative for Nutanix After Its First Miss and Recalibrated Outlook

    Nutanix’s fair value estimate has been cut from about $85.78 to $70.70 as analysts recalibrate expectations for the company in light of its latest quarter. With the discount rate nudging higher from roughly 8.66% to 8.79% and modeled revenue growth easing from 14.83% to 13.00%, the market narrative is shifting to a more balanced view of Nutanix’s opportunity and execution risk. Read on to see how these changing assumptions are reshaping the story around Nutanix and how you can stay ahead of future narrative shifts.

    Stay updated as the Fair Value for Nutanix shifts by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on Nutanix.

    🐂 Bullish Takeaways

    • Several firms, including Oppenheimer, JPMorgan, Piper Sandler, Barclays, and Needham, maintain positive stances (Outperform, Overweight, Buy) even after trimming price targets. This signals continued confidence in Nutanix’s long term growth and execution.

    • Oppenheimer, with a Street high $90 target, argues Nutanix is well positioned to benefit from the shift to HyperConverged Infrastructure, potential VMware displacement at renewal, and growing demand for unstructured data to power AI applications.

    • JPMorgan, with a modestly lower $78 target, still expects near term revenue and earnings upside from AI related demand. The firm suggests that AI leveraged use cases could support the company’s growth trajectory and valuation over time.

    • Needham, despite cutting its target to $65 from $80, highlights that a greater mix of contracts with future start dates mainly depresses in quarter revenue rather than free cash flow. The firm believes that, absent this timing issue, Nutanix would have exceeded the high end of revenue guidance.

    🐻 Bearish Takeaways

    • Price targets have been broadly revised down, with Piper Sandler moving to $72 from $88, Barclays to $64 from $82, JPMorgan to $78 from $81, and Needham to $65 from $80. These changes reflect tempered expectations for Nutanix’s near term growth and, by implication, its valuation upside.

    • Piper Sandler flags that Nutanix missed expectations for the first time in more than 5 years and cut its FY26 guide by about 3%. This combination has weighed on sentiment and raised questions about the durability of prior growth assumptions.

    • BWG Global has shifted its view to Mixed from Positive, and Northland has downgraded the stock to Market Perform from Outperform. These moves underscore a more cautious stance on risk reward and suggest that some of the upside may already be reflected in the share price.

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  • Is ING Groep Still Attractive After a 49% Surge in 2025?

    Is ING Groep Still Attractive After a 49% Surge in 2025?

    • If you are wondering whether ING Groep is still good value after such a strong run, or if you might be late to the party, this breakdown will help you consider whether the current price still stacks up against the fundamentals.

    • The stock has climbed to around €22.64, adding 1.3% over the last week, 2.2% over the last month, and an eye catching 49.1% year to date, with a 61.4% gain over the last year and 307.1% over five years that has clearly shifted how the market views its prospects and risks.

    • Recent coverage has focused on ING Groep’s ongoing share buyback programs and capital returns. These tend to support the share price by signaling confidence from management and reducing the share count over time. At the same time, commentary around European banks has highlighted improving interest margins and capital strength, both of which help explain why investors have been willing to pay more for quality lenders like ING.

    • Right now, ING Groep scores just 2 out of 6 on our undervaluation checks. In the next sections we will walk through the main valuation approaches behind that score, and later on we will look at a more nuanced way to think about what the market might really be pricing in.

    ING Groep scores just 2/6 on our valuation checks. See what other red flags we found in the full valuation breakdown.

    The Excess Returns model looks at how much value a bank can create over and above the return that investors demand on its equity, then capitalizes those surplus profits into an intrinsic value per share.

    For ING Groep, the starting point is a Book Value of €16.84 per share and a Stable Book Value estimate of €17.93 per share, based on forecasts from 9 analysts. Using weighted future Return on Equity estimates from 15 analysts, Stable EPS is put at €2.41 per share, while the Cost of Equity is €1.13 per share. That leaves an Excess Return of about €1.28 per share, supported by an average Return on Equity of 13.42%, which is comfortably above the required return.

    When these excess returns are projected forward and discounted, the model arrives at an intrinsic value of around €46.29 per share. Compared with the current share price near €22.64, this framework suggests the stock is roughly 51.1% undervalued.

    Result: UNDERVALUED

    Our Excess Returns analysis suggests ING Groep is undervalued by 51.1%. Track this in your watchlist or portfolio, or discover 905 more undervalued stocks based on cash flows.

    INGA Discounted Cash Flow as at Dec 2025

    Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for ING Groep.

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  • Powell on Track for Fed Rate Cut Despite Some Dissent

    Powell on Track for Fed Rate Cut Despite Some Dissent


    This content was published on

    (Bloomberg) — Federal Reserve Chair Jerome Powell is expected to push through another quarter-point interest-rate cut this week despite growing unease among fellow policymakers that inflation remains too high.

    The Fed delivered a second straight reduction in October driven by the summer’s sudden deterioration in the US labor market. But that was followed by an outburst of hawkish concern from some officials, including five who vote on policy this year, signaling hesitancy or unwillingness to support a third move in December.

    That growing division has been exacerbated by the lack of fresh economic data due to a government shutdown that spanned much of October and November. The latest inflation number now in policymakers’ hands, released on Dec. 5, is for September — a report that is unlikely to alter the policy debate.

    Against that backdrop and for about a week in mid-November, investors signaled serious doubt over the prospect of another cut. But the unusual level of drama was resolved on Nov. 21 when New York Fed President John Williams, who is seen as closely aligned with Powell, said he saw room for a reduction in the “near term.” The market took the signal and now assigns more than a 90% chance to a move next week.

    For more, read Bloomberg Economics’ full Week Ahead for the US Economists polled by Bloomberg then expect the Fed to take a break before two more reductions in 2026, in March and September. And there’s some hope that a flood of new data — as statistical agencies catch up from the shutdown — will resolve the ongoing tension between the Fed’s mandates to contain inflation and maximize employment.

    That said, more Fed drama lies on the horizon. President Donald Trump is expected soon to name a successor to Powell, whose term as chair expires in May. Kevin Hasset, a Trump loyalist and senior economic adviser, is the frontrunner. That’s prompted worries among some investors that the next chair will pursue rate cuts at Trump’s direction and risk spurring inflation.

    What Bloomberg Economics Says:

    “If Powell leans hawkish at the news conference to appease hawkish regional Fed presidents, will it even matter anymore? After all, the next Fed chair — Hassett is the frontrunner — could join the board as soon as February, rendering Powell essentially a lame duck for the last few months of his chairmanship.”

    —Anna Wong, Stuart Paul, Eliza Winger, Estelle Ou, Chris G. Collins, Alex Tanzi and Troy Durie. For full analysis, click here

    In contrast to the Fed, the Bank of Canada is expected to keep its rate steady at 2.25%. Officials have said that’s “about the right level” as long as economic and inflation forecasts materialize.

    While third-quarter growth blew past expectations, that was largely driven by lower imports and a jump in military spending, while household consumption declined. Inflation is close to target at 2.2%, though core measures remain elevated.

    Elsewhere, central bank decisions from Australia to Switzerland to Brazil will draw attention, and euro-area finance chiefs are scheduled to elect a new chair.

    Click here for what happened last week and below is our wrap of what is coming up in the global economy.

    Asia

    The week in Asia kicks off with economists expecting Japan to revise third-quarter gross domestic product to show a deeper contraction after recent capital spending data for the period were weak, in a report that will justify the government’s large fiscal stimulus package unveiled last month.

    Also Monday, data for October may show real wages falling for a 10th month, underscoring how steady gains in nominal pay aren’t keeping up with inflation.

    Data Wednesday are expected to show a modest improvement for China’s price environment in November, with inflation ticking up to 0.7%, the fastest advance since February 2024.

    Factory-gate prices are seen falling 2%, in what would be the slowest decline in 15 months. Still, as the CPI got a holiday boost that will likely fade, the figures may prompt Beijing to enact more anti-involution policies to curb price competition.

    India also may show a pickup in inflation on Friday, with consumer price gains estimated to have accelerated to 0.75% in November, still well below the Reserve Bank’s 2%-6% target range.

    Australia releases the NAB Business Confidence index for November Wednesday and a blast of labor statistics on Thursday that will show if jobs data stayed strong after robust results in October.

    New Zealand’s manufacturing PMI gauge may have remained in expansionary territory for a fifth month in November. Trade data are due during the week from China and Taiwan.

    In central banks, the Reserve Bank of Australia is seen holding its cash rate steady at 3.6% on Tuesday, extending a pause after three cuts earlier this year.

    Focus will be on any signaling that the easing cycle may have run its course, with pricing in the swaps market already mostly reflecting expectations for a hike by September.

    In the Philippines, authorities are likely to continue their easing campaign with a cut to the overnight borrowing rate to 4.5% on Thursday.

    For more, read Bloomberg Economics’ full Week Ahead for Asia Europe, Middle East, Africa

    The Swiss National Bank will draw the spotlight among a series of monetary decisions in the region on Thursday. The outcome will showcase the tradeoff for officials trying to avoid a return to negative borrowing costs in Switzerland.

    The central bank is widely expected to keep its rate at zero, but may acknowledge a weaker price outlook after every inflation reading since the last quarterly decision turned out weaker than expected, weighed down by the strength of the franc.

    By contrast, Turkish policymakers may cut borrowing costs by as much as 150 basis points in its own final decision of 2025. Growth has slowed more than expected and the latest inflation reading there was lower than any estimate in a Bloomberg survey.

    In Serbia, the central bank may extend its rate pause to a fifth quarter as US sanctions shut down the nation’s only refiner, risking a rise in energy prices. And Ukrainian officials will announce their own policy decision after keeping borrowing costs steady for 5 months.

    Among data highlights, the UK’s monthly growth number on Friday will focus investors. GDP is predicted by economists to have increased slightly at the start of the fourth quarter, in the last such data release before the Bank of England’s decision. Meanwhile Norwegian inflation is scheduled for Tuesday.

    Turning to the euro zone, industrial production numbers in Germany on Monday and Italy on Wednesday will reveal whether manufacturing began staging any sort of recovery at the start of a quarter that officials are hoping will mark a turning point.

    Among European Central Bank speakers scheduled are President Christine Lagarde at an event on Wednesday. A blackout period will begin the following day in advance of the monetary decision just over a week later.

    In France, the country’s fiscal woes will return to the fore on Tuesday, with a National Assembly vote on social security scheduled for Tuesday. Premier Sebastien Lecornu pulled off a win last week by clinching agreement over the revenue part of that measure.

    And euro-zone finance ministers will select one of their own to chair meetings and represent them collectively after the abrupt departure of Ireland’s Paschal Donohoe. Belgium’s Vincent van Peteghem and Greece’s Kyriakos Pierrakakis will face off in a vote when the group meets on Thursday.

    For more, read Bloomberg Economics’ full Week Ahead for EMEA Latin America

    Mexico’s monthly inflation data will likely see both headline and core readings creep back up from the current 3.57% and 4.28% respectively.

    While both are above policymakers’ 3% target ahead of Banxico’s Dec. 18 rate decision, most Mexico watchers expect the lurking threat of recession to win the case for a 12th straight rate cut.

    Brazil’s market readout from the central bank may see some additional improvement in inflation expectations for this year and next ahead of Wednesday’s November consumer prices report and rate decision.

    The headline reading for last month posted early Wednesday is very likely to have slowed for a second month, and very possibly below the 4.5% top of policymakers’ tolerance range though still well over the 3% target.

    Hours later, there’s almost no chance that Banco Central do Brasil does anything but hold at 15% for a fourth meeting, but the odds are much better for some substantive guidance from bank chief Gabriel Galipolo and colleagues.

    President Javier Milei’s long slog to bring Argentine inflation to heel continues this week, with the November monthly print expected to slow from October’s 2.3% reading, bringing the annual rate within hailing distance of 30%.

    Peruvian central bankers can take a bow for the lowest inflation rate among LatAm’s major economies but won’t likely take that for granted at December’s monetary policy meeting Thursday.

    Caution likely has bank chief Julio Velarde and his board keeping the key rate at 4.25% for a third meeting.

    For more, read Bloomberg Economics’ full Week Ahead for Latin America –With assistance from Brian Fowler, Laura Dhillon Kane, Robert Jameson, Mark Evans and Piotr Skolimowski.

    ©2025 Bloomberg L.P.

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  • From 2600% Gains To 86% Losses

    From 2600% Gains To 86% Losses

    Public companies that heavily invested in cryptocurrencies are now facing significant financial losses. The once promising investment strategy has seen share prices plummet, leaving firms grappling with the aftermath.

    What Happened: Companies that converted their corporate cash into Bitcoin (CRYPTO: BTC) or other digital tokens, inspired by Michael Saylor‘s Strategy Inc., have experienced a severe reversal in fortunes. Digital asset treasuries (DATs) were a popular trend in the first half of 2025, causing share prices to soar.

    One such firm, SharpLink Gaming Inc., witnessed its stock surge over 2,600% after declaring a shift to buying Ethereum tokens. However, the stock has since dropped 86% from its peak, reducing the company’s value to less than its digital token holdings.

    Bloomberg reports that the median stock price of US and Canadian-listed companies that transitioned to DATs has decreased by 43% this year. The worst hit were those that invested in smaller, more volatile tokens.

    Analysts believe the downfall is due to the non-existent yield from these holdings. “Investors took a look and understood that there’s not much yield from these holdings rather than just sitting on this pile of money, and that’s why they contracted,” B. Riley Securities Analyst Fedor Shabalin told the outlet.

    Also Read: JPMorgan Forecasts Bitcoin Bottom, Anticipates $28.3 Trillion Challenge To Gold By 2026

    With most DATs’ crypto holdings failing to generate any cash flow, these companies are now finding it difficult to make interest and dividend payments on the debt they incurred to purchase the tokens. This has resulted in a decrease in investor enthusiasm and a decline in capital raising opportunities.

    Despite the downturn, some DATs are contemplating acquisitions of smaller DATs that are worth less than their holdings, suggesting potential future activity in this sector.

    Why It Matters: The downfall of DATs underscores the risks associated with heavy investment in volatile assets like cryptocurrencies. Companies that jumped on the crypto bandwagon, inspired by early successes, are now facing the harsh reality of a market downturn.

    With no yield from these holdings and a struggle to meet debt obligations, these companies are facing a crisis of investor confidence.

    The potential for acquisitions of smaller DATs indicates that despite the losses, there may still be some belief in the long-term potential of digital assets. However, the immediate future looks challenging for these firms.

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  • Updated eNRGy Trial Results Presented at IASLC-ASCO NACLC

    Updated eNRGy Trial Results Presented at IASLC-ASCO NACLC

    LEXINGTON, Mass., Dec. 6, 2025 /PRNewswire/ — Partner Therapeutics, Inc. (PTx), a private, fully-integrated biotechnology company, announced new data from a post hoc analysis of the Phase 2 eNRGy trial (NCT02912949) evaluating zenocutuzumab in patients with treatment-naïve non-small cell lung cancer (NSCLC) harboring a neuregulin 1 (NRG1) gene fusion. Results were presented in a late-breaking oral session at the IASLC-ASCO North America Conference on Lung Cancer (NACLC), in Chicago, Illinois.

    The new analysis evaluated the efficacy and safety of zenocutuzumab-zbco in treatment-naïve and previously treated NRG1+ NSCLC. Among 20 treatment-naïve and 121 previously treated patients, zenocutuzumab demonstrated an overall response rate (ORR) of 35% and 31%, respectively. The clinical benefit rate, defined as partial/complete response or stable disease for ≥24 weeks, was 65% in treatment-naïve and 58% in previously treated patients. Median duration of response was 17.1 months in treatment naïve patients, notably longer than in previously treated patients, 7.4 months. All treatment-related adverse events were grade 1 or 2. Zenocutuzumab safety profile was favorable and consistent with prior data.

    “These data underscore the potential of zenocutuzumab as a first-line option for patients with NRG1-positive NSCLC, a patient population that typically responds poorly to standard first-line therapy,” said Stephen Liu, MD, of Georgetown University. “Early and durable responses, coupled with a favorable safety profile are encouraging and highlight the importance of targeted therapy in this rare molecular subset.”

    “Consistent with other therapies targeting key oncogenic drivers, early intervention can lead to better outcomes — and we see the same with zenocutuzumab,” said Pritesh J. Gandhi, Chief Development Officer at Partner Therapeutics. “These findings strengthen our conviction that early targeted inhibition of the NRG1 pathway with zenocutuzumab has the potential to meaningfully improve outcomes for patients with NRG1+ NSCLC.”

    “For patients and families facing NRG1+ lung cancer, these results mark meaningful progress,” said Danielle Hicks, Chief Patient Officer of GO2 for Lung Cancer. “The durable responses and manageable safety profile of zenocutuzumab offer renewed hope and reinforce the need for continued innovation in biomarker-driven lung cancer care.”

    The abstract will be available on the Partner Therapeutics website under the research tab following the conference. Additional meeting information can be found on the IASLC-ASCO NACLC website.

    In December 2024, zenocutuzumab-zbco (BIZENGRI®) received U.S. Food and Drug Administration accelerated approval for the treatment of adults with advanced unresectable or metastatic non-small cell lung cancer (NSCLC) and pancreatic adenocarcinoma harboring a neuregulin 1 (NRG1) gene fusion with disease progression on or after prior systemic therapy. The indications were approved under accelerated approval based on ORR and duration of response. Continued approval for these indications may be contingent upon verification and description of clinical benefit in a confirmatory trial(s).

    For more information on the eNRGy trial and zenocutuzumab-zbco, please visit www.partnertx.com.

    About NRG1 Gene Fusions

    NRG1 fusions are unique cancer drivers that create oncogenic chimeric ligands rather than the more widely described chimeric receptors (NTRK, RET, ROS1, ALK, and FGFR fusions). The chimeric ligands bind to HER3, triggering HER2/HER3 heterodimerization and activate downstream signaling pathways that cause cancer cells to grow and proliferate. Zenocutuzumab-zbco is a bispecific antibody that blocks HER2/HER3 dimerization and NRG1 fusion interactions with HER3, resulting in the suppression of these pathways. Comprehensive molecular testing, notably tissue-based RNA next generation sequencing, is essential to identify rare and actionable gene fusions like NRG1.

    About BIZENGRI (zenocutuzumab-zbco)

    INDICATIONS

    BIZENGRI is indicated for the treatment of adults with advanced unresectable or metastatic non-small cell lung cancer (NSCLC) harboring a neuregulin 1 (NRG1) gene fusion with disease progression on or after prior systemic therapy.

    BIZENGRI is indicated for the treatment of adults with advanced unresectable or metastatic pancreatic adenocarcinoma harboring a neuregulin 1 (NRG1) gene fusion with disease progression on or after prior systemic therapy.

    These indications are approved under accelerated approval based on overall response rate and duration of response. Continued approval for these indications may be contingent upon verification and description of clinical benefit in a confirmatory trial(s).

    Important Safety Information

    BOXED WARNING: EMBRYO-FETAL TOXICITY

    Embryo-Fetal Toxicity: Exposure to BIZENGRI during pregnancy can cause embryo-fetal harm. Advise patients of this risk and the need for effective contraception.

    WARNINGS AND PRECUATIONS

    Infusion-Related Reactions/Hypersensitivity/Anaphylactic Reactions

    BIZENGRI can cause serious and life-threatening infusion-related reactions (IRRs), hypersensitivity and anaphylactic reactions. Signs and symptoms of IRR may include chills, nausea, fever, and cough.

    In the eNRGy study, 13% of patients experienced IRRs, all were Grade 1 or 2; 91% occurred during the first infusion.

    Administer BIZENGRI in a setting with emergency resuscitation equipment and staff who are trained to monitor for IRRs and to administer emergency medications. Monitor patients closely for signs and symptoms of infusion reactions during infusion and for at least 1 hour following completion of first BIZENGRI infusion and as clinically indicated. Interrupt BIZENGRI infusion in patients with ≤ Grade 3 IRRs and administer symptomatic treatment as needed. Resume infusion at a reduced rate after resolution of symptoms. Immediately stop the infusion and permanently discontinue BIZENGRI for Grade 4 or life-threatening IRR or hypersensitivity/anaphylaxis reactions.

    Interstitial Lung Disease/Pneumonitis

    BIZENGRI can cause serious and life-threatening interstitial lung disease (ILD)/pneumonitis.

    In the eNRGy study, ILD/pneumonitis occurred in 2 (1.1%) patients treated with BIZENGRI. Grade 2 ILD/pneumonitis (Grade 2) resulting in permanent discontinuation of BIZENGRI occurred in 1 (0.6%) patient. Monitor for new or worsening pulmonary symptoms indicative of ILD/pneumonitis (e.g., dyspnea, cough, fever). Immediately withhold BIZENGRI in patients with suspected ILD/pneumonitis and administer corticosteroids as clinically indicated.

    Permanently discontinue BIZENGRI if ILD/pneumonitis ≥ Grade 2 is confirmed.

    Left Ventricular Dysfunction

    BIZENGRI can cause left ventricular dysfunction.

    Left ventricular ejection fraction (LVEF) decrease has been observed with anti-HER2 therapies, including BIZENGRI. Treatment with BIZENGRI has not been studied in patients with a history of clinically significant cardiac disease or LVEF less than 50% prior to initiation of treatment.

    In the eNRGy study, Grade 2 LVEF decrease (40%-50%; 10 – 19% drop from baseline) occurred in 2% of evaluable patients. Cardiac failure without LVEF decrease occurred in 1.7% of patients, including 1 (0.6%) fatal event.

    Before initiating BIZENGRI, evaluate LVEF and monitor at regular intervals during treatment as clinically indicated. For LVEF of less than 45% or less than 50% with absolute decrease from baseline of 10% or greater which is confirmed, or in patients with symptomatic congestive heart failure (CHF), permanently discontinue BIZENGRI.

    Embryo-Fetal Toxicity

    Based on its mechanism of action, BIZENGRI can cause fetal harm when administered to a pregnant woman. No animal reproduction studies were conducted with BIZENGRI. In post marketing reports, use of a HER2-directed antibody during pregnancy resulted in cases of oligohydramnios manifesting as fatal pulmonary hypoplasia, skeletal abnormalities, and neonatal death. In animal models, studies have demonstrated that inhibition of HER2 and/or HER3 results in impaired embryo-fetal development, including effects on cardiac, vascular and neuronal development, and embryolethality. Advise patients of the potential risk to a fetus. Verify the pregnancy status of females of reproductive potential prior to the initiation of BIZENGRI. Advise females of reproductive potential to use effective contraception during treatment with BIZENGRI and for 2 months after the last dose.

    ADVERSE REACTIONS

    NRG1 Gene Fusion Positive Unresectable or Metastatic NSCLC

    Serious adverse reactions occurred in 25% of patients with NRG1 gene fusion positive NSCLC who received BIZENGRI. Serious adverse reactions in ≥ 2% of patients included pneumonia (n=4) dyspnea and fatigue (n=2 each). Fatal adverse reactions occurred in 3 (3%) patients and included respiratory failure (n=2), and cardiac failure (n=1). Permanent discontinuation of BIZENGRI due to an adverse reaction occurred in 3% of patients. Adverse reactions resulting in permanent discontinuation of BIZENGRI included dyspnea, pneumonitis and sepsis (n=1 each).

    In patients with NRG1 gene fusion positive NSCLC who received BIZENGRI, the most common (>20%) adverse reactions, including laboratory abnormalities, were decreased hemoglobin (35%), increased alanine aminotransferase (30%), decreased magnesium (28%), increased alkaline phosphatase (27), decreased phosphate (26%), diarrhea (25%), musculoskeletal pain (23%), increased gamma-glutamyl transpeptidase (23%), increased aspartate aminotransferase (22%), and decreased potassium (21%).

    NRG1 Gene Fusion Positive Unresectable or Metastatic Pancreatic Adenocarcinoma

    Serious adverse reactions occurred in 23% of patients with NRG1 gene fusion positive pancreatic adenocarcinoma who received BIZENGRI.

    There were 2 fatal adverse reactions, one due to COVID-19 and one due to respiratory failure. In patients with NRG1 gene fusion positive pancreatic adenocarcinoma who received BIZENGRI the most common (≥20%) adverse reactions, including laboratory abnormalities, were increased alanine aminotransferase (51%), diarrhea (36%), increased aspartate aminotransferase (31%), increased bilirubin (31%), decreased phosphate (31%), increased alkaline phosphatase (28%), decreased sodium (28%), musculoskeletal pain (28%), decreased albumin (26%), decreased potassium (26%), decreased platelets (26%), decreased magnesium (24%), increased gamma-glutamyl transpeptidase (23%), decreased hemoglobin (23%), vomiting (23%), nausea (23%), decreased leukocytes (21%), and fatigue (21%).

    Please see full Prescribing Information, including Boxed Warning

    About Partner Therapeutics

    Partner Therapeutics, Inc. (PTx), an integrated biotechnology company, focuses on development and commercialization of therapeutics to improve health outcomes in cancer and serious diseases, as well as global health security threats. The company believes in delivering products and supporting medical teams with the purpose of achieving superior outcomes for patients and their families. PTx’s portfolio includes zenocutuzumab-zbco (BIZENGRI®) and sargramostim (EU: IMREPLYS®; US: LEUKINE®; and with Nobelpharma Co. Ltd for JAPAN: SARGMALIN®). Visit www.partnertx.com.

    References:

    1. BIZENGRI (zenocutuzumab-zbco) injection [package insert]. Available at: https://www.bizengrihcp.com/pi
    2. Schram AM, Goto K, Kim DW, et al. Efficacy of zenocutuzumab in NRG1 fusion–positive cancer. N Engl J Med. 2025;392:566-76. doi: 10.1056/NEJMoa2405008

    BIZENGRI® is a registered trademark of Merus N.V. Under an agreement with Merus, PTx has exclusive rights to develop, manufacture, and commercialize zenocutuzumab-zbco for the treatment of NRG1+ cancer in the U.S. and provide the product on a named-patient basis for this use outside of the U.S. pending future regulatory developments.

    PARTNER THERAPEUTICS®, IMREPLYS®, and LEUKINE® are registered trademarks owned by Partner Therapeutics, Inc. ©2025 Partner Therapeutics, All rights reserved.

    SOURCE Partner Therapeutics, Inc.

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  • Long-Term CARTITUDE-4 Data Point to Potential Cure Fraction With Cilta-Cel in Standard-Risk R/R Myeloma

    Long-Term CARTITUDE-4 Data Point to Potential Cure Fraction With Cilta-Cel in Standard-Risk R/R Myeloma

    Long-term data from the phase 3 CARTITUDE-4 trial (NCT04181827) demonstrated that patients with standard-risk relapsed/refractory multiple myeloma experienced low rates of disease progression when treated with ciltacabtagene autoleucel (cilta-cel; Carvykti), suggesting a potential cure fraction in this patient population.1

    Findings presented at the 2025 ASH Annual Meeting and Exposition showed that in the standard-risk, as-treated patient population from CARTITUDE-4 (n = 59), cilta-cel elicited a 30-month progression-free survival (PFS) rate of 80.5% and a 30-month overall survival (OS) rate of 87.3%. When expanding this population to include patients harboring 1q gains or amplifications (n = 105), the 30-month PFS and OS rates were 71.7% and 86.1%, respectively.

    Notably, 86% of patients with standard-risk cytogenetics (n = 51/59) were alive and progression-free 1 year after treatment; the respective 30-month PFS and OS rates for this subgroup were 93.1% and 93.7%. Furthermore, 81% of evaluable patients at 1 year (n = 26/32) achieved a minimal residual disease (MRD)–negative complete response (CR). All of these patients remained progression-free at 30 months.

    “We believe that low rates of progression seen in these [standard-risk] patients are indicative of a potential cure fraction, which will be further defined with additional follow-up,” lead study author Luciano Costa, MD, said in a presentation of the data.

    Costa is the Mary and Bill Battle Professor of Multiple Myeloma and director of the Multiple Myeloma Research and Treatment Program at The University of Alabama at Birmingham.

    Outcomes With Cilta-Cel in Standard-Risk R/R Myeloma in CARTITUDE-4

    1. Low rates of disease progression with cilta-cel in patients with relapsed/refractory multiple myeloma with standard-risk cytogenetics suggest a potential cure fraction in this population.
    1. At 30 months, the PFS and OS rates with cilta-cel in the standard-risk, as-treated patient population from CARTITUDE-4 were 80.5% and 87.3%, respectively.
    1. When patients harboring only 1q gain/amplification were included in the standard-risk group, the respective 30-month PFS and OS rates were 71.7% and 86.1%.

    What data were previously reported from CARTITUDE-4?

    In April 2024, the FDA approved cilta-cel for the treatment of adult patients with relapsed/refractory multiple myeloma who have received at least 1 prior line of therapy, including a proteasome inhibitor (PI) and an immunomodulatory agent (IMiD), and who are refractory to lenalidomide (Revlimid), based on prior data from CARTITUDE-4.2 The CAR T-cell therapy was initially approved by the FDA in February 2022 for the treatment of adult patients with relapsed/refractory multiple myeloma following 4 or more prior lines of therapy, including a PI, an IMiD, and an anti-CD38 monoclonal antibody, based on findings from the phase 1/2 CARTITUDE-1 trial (NCT03548207).3

    In CARTITUDE-4, at a median follow-up of 33.6 months (range, 0.1-45.0), patients with standard-risk cytogenetics treated with cilta-cel (n = 69) achieved a 30-month PFS rate of 71.0% compared with 43.2% for those treated with standard-of-care (SOC) therapy (n = 70; HR, 0.43).1,4 The 30-month OS rates were 79.7% and 69.6%, respectively (HR, 0.62).1 In patients with high-risk cytogenetics, the 30-month PFS rates were 52.3% for cilta-cel (n = 123) vs 17.5% for SOC (n = 123; HR, 0.38). The 30-month OS rates in the high-risk subgroup were 75.5% and 62.1%, respectively (HR, 0.54).

    How was the CARTITUDE-4 trial designed?

    Investigators enrolled patients at least 18 years of age with relapsed/refractory multiple myeloma who had received 1 to 3 prior lines of therapy, including a PI and IMiD, and were refractory to lenalidomide. Patients needed to have an ECOG performance status of 0 or 1, and prior treatment with CAR T-cell therapy or a BMCA-targeted therapy was not allowed.

    Patients were randomly assigned 1:1 to receive cilta-cel or SOC therapy comprising pomalidomide (Pomalyst) plus bortezomib (Velcade) and dexamethasone or daratumumab (Darzalex) plus pomalidomide and dexamethasone.

    PFS served as the trial’s primary end point, and secondary end points comprised CR or better rate, overall response rate (ORR), MRD-negativity rate, OS, and safety.

    For the current long-term analysis of CARTITUDE-4, the as-treated population included patients with standard-risk cytogenetics per study protocol, along with those harboring only 1q gains or amplifications. Investigators also examined long-term outcomes for patients with standard-risk cytogenetics, including those with 1q gains or amplifications, treated in CARTITUDE-1.

    In the CARTITUDE-4 as-treated population, including those with 1q gain/amplification, the median age was 62.0 years (range, 27-78), and 52.4% of patients were male. International Staging System (ISS) stages included I (71.4%), II (23.8%), and III (4.8%). Patients received 1 prior line of therapy (31.4%), 2 prior lines of therapy (40.0%), or 3 prior lines of therapy (28.6%), with a median of 2 prior lines of therapy (range, 1-3). All patients were refractory to lenalidomide, 20.0% were refractory to daratumumab, and 10.5% were triple-class refractory. Notably, 5.7% of patients had soft tissue plasmacytomas.

    In the CARTITUDE-1 standard-risk population, which included those with 1q gain/amplification (n = 68), the median age was 60.5 years (range, 43-78), and 57.4% were male. Patients had ISS stage I disease (58.8%), stage II disease (22.1%), or stage III disease (19.1%). Notably, 16.2% of patients in this study received 3 prior lines of therapy, and the remainder were administered at least 4 prior lines of therapy; the median was 6 prior lines of therapy (range, 3-18). In the CARTITUDE-1 population, 77.9% were refractory to lenalidomide, 97.1% were refractory to daratumumab, and 89.7% were triple-class refractory. Soft tissue plasmacytomas were reported in 16.2% of patients at baseline.

    What other outcomes were reported at this year’s ASH Annual Meeting?

    Findings from the analysis also showed that the ORR was 100% for patients with standard-risk cytogenetics without 1q gain/amplification treated with cilta-cel in CARTITUDE-4, including a CR or better rate of 90%. When including patients with 1q gain/amplification, the ORR remained at 100%, with a CR or better rate of 92%. In the CARTITUDE-1 population, the ORR was 94.1%, with a CR or better rate of 82%.

    In the CARTITUDE-1 group, the 30-month PFS and OS rates were 59.9% and 70.6%, respectively.

    In the CARTITUDE-4 standard-risk subgroup without 1q gain/amplification, the safety profiled of cilta-cel was consistent with the overall study population. Non-hematologic serious adverse effects occurred in 52.5% of patients, and 28.8% had grade 3/4 infections. Any-grade cytokine release syndrome and immune effector cell–associated neurotoxicity syndrome were reported in 74.6% and 1.7% of patients, respectively. Additionally, 6.8% of patients had cranial nerve palsy, and no patients had immune effector cell–parkinsonism.

    Secondary primary malignancies were reported in 13.6% of patients in the CARTITUDE-4 standard-risk subgroup, including cutaneous/non-invasive malignancies (n = 4) and non-cutaneous/invasive malignancies (n = 4). No secondary hematologic malignancies were reported.

    The non-relapsed mortality rate was 10.2%; this included 4 deaths reported in the first year due to COVID-19 (n = 2), subdural hematoma (n = 1), and multiple organ dysfunction (n = 1). The 2 deaths that occurred beyond 1 year were attributed to gastric adenocarcinoma (n = 1) and angiosarcoma (n = 1).

    Disclosures: Costa reported receiving honoraria from AbbVie, Pfizer, AstraZeneca, Johnson & Johnson, Regeneron, Amgen, Sanofi, Bristol Myers Squibb, Adaptive Biotechnologies, and Genentech; consultancy (including expert testimony) for Caribou, Regeneron, Sanofi, Pfizer, Genentech, Johnson & Johnson, Bristol Myers Squibb, AbbVie, and Amgen; and receiving research funding from Genentech, AstraZeneca, AbbVie, Pfizer, Bristol Myers Squibb, Johnson & Johnson, Caribou, and Amgen.

    References

    1. Costa L, Oriol A, Dytfield D, et al. Long-term progression-free survival benefit with ciltacabtagene autoleucel in standard-risk relapsed/refractory multiple myeloma. Blood. 2025;146(suppl 1):94. doi:10.1182/blood-2025-94
    2. Carvykti is the first and only BCMA-targeted treatment approved by the US FDA for patients with relapsed or refractory multiple myeloma who have received at lease one prior line of therapy. News release. Johnson & Johnson. April 5, 2024. Accessed December 6, 2024. https://www.jnj.com/media-center/press-releases/carvykti-is-the-first-and-only-bcma-targeted-treatment-approved-by-the-u-s-fda-for-patients-with-relapsed-or-refractory-multiple-myeloma-who-have-received-at-least-one-prior-line-of-therapy
    3. FDA approves ciltacabtagene autoleucel for relapsed or refractory multiple myeloma. February 28, 2022. Accessed December 6, 2025. https://www.fda.gov/drugs/resources-information-approved-drugs/fda-approves-ciltacabtagene-autoleucel-relapsed-or-refractory-multiple-myeloma
    4. Sidana S, Martinez-Lopez J, Khan AM, et al. Ciltacabtagene autoleucel (cilta-cel) vs standard of care (SOC) in patients (pts) with relapsed/refractory multiple myeloma (MM): CARTITUDE-4 survival subgroup analyses. J Clin Oncol. 2025;43(suppl 16):7539. doi:10.1200/JCO.2025.43.16_suppl.7539

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  • Boeing says Trump’s equity stake plan doesn’t apply to big US defense firms

    Boeing says Trump’s equity stake plan doesn’t apply to big US defense firms

    SIMI VALLEY, California, Dec 6 (Reuters) – U.S. President Donald Trump’s plan to take government equity stakes in strategic industries doesn’t apply to major defense firms, the head of Boeing’s defense unit said on Saturday, in contrast to previous comments by a senior government official.

    “It really only applies on the supply chain, particularly for the smaller companies coming through where that might be a way forward for them to get some equity,” Steve Parker, Chief Executive Officer of Boeing Defense, Space & Security, said on a panel at the Reagan National Defense Forum, an annual industry event in Simi Valley, California.

    Sign up here.

    “I don’t think it really applies to the Primes,” Parker added, referring to big legacy defense contractors like Boeing, Lockheed Martin, RTX and Northrop Grumman.

    In August, U.S. Commerce Secretary Howard Lutnick said the Trump administration was weighing equity stakes in major defense contractors, including Lockheed Martin, a move that sent shares of Lockheed, Boeing and other defense firms higher.
    This year, the Trump administration has taken equity stakes in chipmaker Intel and rare earths company MP Materials, in an effort to prioritize national security in critical sectors where China has become increasingly dominant. Trump has said the government will take stakes in more companies.

    Reporting by Mike Stone and Joe Brock; Editing by Chizu Nomiyama and Deepa Babington

    Our Standards: The Thomson Reuters Trust Principles., opens new tab

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  • Kite Announces New Data for Pivotal iMMagine 1 Study at ASH 2025, Highlighting Anito cel’s Opportunity in Relapsed or Refractory Multiple Myeloma

    – 96% Overall Response Rate, 74% Stringent Complete Response/Complete Response, and 95% Minimal Residual Disease Negativity Observed at a Median 15.9-months of Follow-up, with Responses Continuing to Deepen Over Time –

    – Observed Safety Profile is Predictable and Manageable to Date; No Delayed Neurotoxicities or Immune Effector Cell-Associated Enterocolitis across Phase 1 and 2 (iMMagine-1) Studies –

    – Data from Investigational Agent Anito-cel Support Planned 2026 Launch in the U.S. –

    SANTA MONICA, Calif.–(BUSINESS WIRE)–
    Kite, a Gilead Company (Nasdaq: GILD), and its partner Arcellx, today announced new positive data from its pivotal iMMagine-1 Phase 2 study of anitocabtagene autoleucel (anito-cel), an investigational agent, which continues to show clinically meaningful deep and durable efficacy with predictable and manageable safety observed to date in relapsed or refractory multiple myeloma (RRMM) patients who had received at least three prior lines of therapy. These new findings from the ongoing study will be shared in an oral presentation (Abstract #256) today at 2:45 PM ET during the 67th American Society of Hematology (ASH) Annual Meeting and Exposition.

    “These data are compelling and are an important advancement for patients living with multiple myeloma,” said Dr. Krina Patel, lead investigator, Associate Professor, Department of Lymphoma/Myeloma, Division of Cancer Medicine, The University of Texas MD Anderson Cancer Center. “I am encouraged by the depth of responses in the iMMagine-1 study. For clinicians, we rely on therapies that deliver continued meaningful efficacy, a predictable safety profile, and reliable manufacturing. Anito-cel demonstrates that it could become a significant new treatment option in our efforts to improve outcomes for patients with multiple myeloma.”

    Data from an October 7, 2025 cutoff date, including 117 patients treated with anito-cel, who were followed for a median of 15.9 months, showed an independent review committee (IRC)-assessed overall response rate (ORR) of 96%, with 74% achieving a stringent complete response or complete response (sCR or CR) per International Myeloma Working Group (IMWG) criteria. 102 of 117 patients (87%) were triple refractory, 48 of 117 patients (41%) were penta refractory, 21 of 117 patients (18%) had extramedullary disease, and 47 of 117 patients (40%) had high risk cytogenetics. For many in this heavily pre-treated population, responses began quickly, often within one month. Median time to best response was 4.8 months and median time to sCR or CR was 3.2 months. Of the 96 patients evaluable for minimal residual disease (MRD) testing, 91 (95%) achieved MRD negativity at a median time of 1 month, meaning no cancer cells could be detected even with highly sensitive tests (≤10-5 sensitivity).

    The progression-free survival (PFS) rates were 82.1% at 12 months, 67.4% at 18 months and 61.7% at 24 months, meaning many patients were still alive and free from cancer progression at those timepoints. The overall survival (OS) rates showed that a significant majority of patients remained alive, with 94% at 12 months, 88% at 18 months and 83% at 24 months. The median PFS and OS have not yet been reached, suggesting sustained and ongoing benefit for a majority of patients.

    Importantly, no delayed (non-ICANS) neurotoxicities, including no Parkinsonism, no cranial nerve palsies, no Guillain-Barré syndrome, and no immune effector cell-associated enterocolitis, have been observed to date, with all patients dosed at least 12 months prior to the cutoff. In an exploratory study sponsored by Kite (Abstract #503), characterization of CD4+ CAR T cell subtypes provide further mechanistic hypotheses supporting the neurologic tolerability profile of anito-cel.

    “For multiple myeloma patients in advanced treatment stages, effective options are critical as resistance to treatment grows,” said Cindy Perettie, Executive Vice President, Kite. “The deep, durable responses seen with iMMagine-1, combined with a predictable and manageable safety profile and rapid and reliable manufacturing, highlight anito-cel’s potential to redefine care. Together with Arcellx, our goal is to deliver a differentiated, one-time treatment option in 2026 that may reduce patient burden and improve access, including in outpatient and community oncology settings.”

    Observed side effects were generally consistent with past readouts. Cytokine release syndrome (CRS) was observed in 86% of patients but was generally mild and manageable. In fact, 83% of patients in the study experienced no CRS or Grade 1 CRS (fever only). Immune effector cell-associated neurotoxicity syndrome (ICANS) occurred in 8% of patients, with only one Grade 3 case and all other cases Grade 2 or lower. The most common hematologic adverse events noted during treatment were low white blood cell counts (neutropenia) in 71% of patients, low red blood cells (anemia) in 28%, and low platelets (thrombocytopenia) in 26%. Grade 3 or higher infections occurred in 9% of patients.

    Additional research presented at ASH provided further insights into CAR T-cell therapies, detailing anito-cel’s mechanism and factors influencing treatment outcomes.

    Preclinical research (Abstract #7644) shows that anito-cel’s D-Domain binder interacts with BCMA by binding and releasing quickly. Relative to a comparator CAR T-cell therapy in preclinical models, this transient interaction with cancer cells may be associated with decreased inflammation while maintaining the ability to effectively kill cancer cells. Additionally, the abstract shows anito-cel retains its ability to target cancer cells with altered BCMA expression after previous treatments, demonstrating the potential for anito-cel to maintain efficacy in patients previously exposed to BCMA-targeting therapies. Further research, including crystallography and epitope mapping, is ongoing to provide more detail on this mechanism.

    About anitocabtagene autoleucel (anito-cel)

    Anitocabtagene autoleucel (anito-cel, previously ddBCMA) is the first BCMA-directed CAR T-cell therapy to be investigated in multiple myeloma that utilizes Arcellx’s novel and compact binder known as the D-Domain. The small, stable D-Domain binder enables high CAR expression without tonic signaling and is designed to quickly release from the BCMA target. This combination may allow for the effective elimination of multiple myeloma cells without severe immunotoxicity. Anito-cel has been granted Fast Track, Orphan Drug, and Regenerative Medicine Advanced Therapy Designations by the U.S. Food and Drug Administration.

    About Multiple Myeloma

    Multiple myeloma (MM) is a type of hematological cancer in which diseased plasma cells proliferate and accumulate in the bone marrow, crowding out healthy blood cells and causing bone lesions, loss of bone density, and bone fractures. These abnormal plasma cells also produce excessive quantities of an abnormal immunoglobulin fragment, called a myeloma protein (M protein), causing kidney damage and impairing the patient’s immune function. MM is the third most common hematological malignancy in the United States and Europe, representing approximately 10% of all hematological cancer cases and 20% of deaths due to hematological malignancies. The median age of patients at diagnosis is 69 years with one-third of patients diagnosed at an age of at least 75 years. Because MM tends to afflict patients at an advanced stage of life, patients often have multiple comorbidities and toxicities that can quickly escalate and become life-endangering.

    About iMMagine-1

    iMMagine-1 is a Phase 2 registrational, pivotal open-label study of anito-cel in patients with relapsed or refractory multiple myeloma (RRMM) who have received at least three prior regimens of systemic therapy including proteasome inhibitor, immunomodulatory drugs (IMiD) and anti-CD38 antibody and are refractory to the last line of therapy.

    The trial assessed both safety and efficacy in 117 patients receiving a single infusion of anito-cel (target dose of 115×106 CAR+ viable T cells). Efficacy was assessed monthly for the first 6 months, then quarterly up to 2 years, or upon patient relapse. Long-term safety data will be collected under a separate long-term follow-up study for up to 15 years.

    The primary endpoint is overall response rate (ORR) per International Myeloma Working Group (IMWG) criteria, as assessed by an independent review committee. Secondary endpoints include complete response rate (CR/sCR), progression-free survival, overall survival, duration of response, minimal residual disease negativity and safety.

    About Gilead and Kite Oncology

    Gilead and Kite Oncology are working to transform how cancer is treated. We are innovating with next-generation therapies, combinations and technologies to deliver improved outcomes for people with cancer. We are purposefully building our oncology portfolio and pipeline to address the greatest gaps in care. From antibody-drug conjugate technologies and small molecules to cell therapy-based approaches, we are creating new possibilities for people with cancer.

    About Arcellx and Kite Collaboration

    Arcellx and Kite, a Gilead Company, formed a global strategic collaboration to co-develop and co-commercialize anito-cel for the treatment of patients with relapsed or refractory multiple myeloma (RRMM). Anito-cel is currently being developed in a Phase 2 registrational study and a Phase 3 pivotal study for RRMM, iMMagine-3. Kite and Arcellx will jointly commercialize the anito-cel asset in the United States, and Kite will commercialize the product outside the United States.

    Forward-Looking Statements

    This press release includes forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks, uncertainties and other factors, including the ability of Gilead and Kite to initiate, progress or complete clinical trials within currently anticipated timelines or at all, and the possibility of unfavorable results from ongoing or additional clinical studies, including those involving anito-cel (such as iMMagine-1); uncertainties relating to regulatory applications and related filing and approval timelines, including pending or potential applications for indications currently under evaluation, and the risk that any regulatory approvals, if granted, may be subject to significant limitations on use or subject to withdrawal or other adverse actions by the applicable regulatory authority; the possibility that Gilead and Kite may make a strategic decision to discontinue development of these programs and, as a result, these programs may never be successfully commercialized for the indications currently under evaluation; and any assumptions underlying any of the foregoing. These and other risks are described in detail in Gilead’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, as filed with the U.S. Securities and Exchange Commission. These risks, uncertainties and other factors could cause actual results to differ materially from those referred to in the forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The reader is cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and is cautioned not to place undue reliance on these forward-looking statements. All forward-looking statements are based on information currently available to Gilead and Kite, and Gilead and Kite assume no obligation and disclaim any intent to update any such forward-looking statements.

    Gilead, the Gilead logo, Kite, and the Kite logo are trademarks of Gilead Sciences, Inc., or its related companies

    For more information about Gilead, please visit the company’s website at www.gilead.com, follow Gilead on X/Twitter (@Gilead Sciences) and LinkedIn (@Gilead-Sciences).

    For more information on Kite, please visit the company’s website at www.kitepharma.com. Follow Kite on social media on X/Twitter (@KitePharma) and LinkedIn (Kite-Pharma).


    Source: Gilead Sciences, Inc.

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  • Reassessing Valuation After ESOP Offering, AI Storage Tailwinds, and Capital Return Moves

    Reassessing Valuation After ESOP Offering, AI Storage Tailwinds, and Capital Return Moves

    Western Digital (WDC) just put a fresh spotlight on its stock by filing a roughly $1.11 billion shelf registration tied to an 8 million share ESOP offering, which blends potential dilution with stronger employee alignment.

    See our latest analysis for Western Digital.

    The ESOP filing lands on top of an already powerful move, with the share price at $168.89 after a 1 year to date share price return of about 173 percent and a 1 year total shareholder return above 215 percent. This suggests momentum is still building as investors reward Western Digital’s AI centric repositioning and capital returns.

    If this kind of AI driven surge has your attention, it could be a good moment to see what else is gaining traction across high growth tech and AI stocks.

    But with shares up more than 170 percent year to date and trading only modestly below Wall Street targets, is Western Digital still undervalued on its AI runway, or are markets already pricing in years of growth ahead?

    With Western Digital closing at $168.89 versus a narrative fair value of $181.43, the prevailing view still leans toward upside driven by AI centric demand.

    The explosive increase in unstructured data generated by AI applications, Agentic AI, and cloud-based services across industries is driving unprecedented storage needs. Western Digital’s deep integration with leading hyperscalers (e.g., all top 5 with firm POs/LTAs covering the next 12 to 18 months) positions the company to benefit from secular demand, directly fueling higher long-term revenue growth.

    Read the complete narrative.

    Curious how steady, not hyperbolic, growth assumptions can still justify a higher valuation multiple than today? The narrative quietly bakes in richer margins, rising earnings power, and a future PE that leans closer to established tech leaders than cyclical hardware names. Want to see the exact earnings and revenue path it is betting on?

    Result: Fair Value of $181.43 (UNDERVALUED)

    Have a read of the narrative in full and understand what’s behind the forecasts.

    However, concentrated reliance on a few hyperscalers, along with the risk that alternative storage technologies outpace HDD advances, could quickly unwind today’s optimistic assumptions.

    Find out about the key risks to this Western Digital narrative.

    Step back from the narrative fair value, and Western Digital looks pricey on a simple earning based snapshot. Its 22.2x earnings multiple sits above peers at 20.7x, yet still below a 33.4x fair ratio. This leaves investors weighing the potential for a rerating to the upside against the risk of sentiment cooling.

    See what the numbers say about this price — find out in our valuation breakdown.

    NasdaqGS:WDC PE Ratio as at Dec 2025

    If this outlook does not fully reflect your view, or you prefer hands on research, you can build a personalized storyline in minutes, Do it your way.

    A good starting point is our analysis highlighting 3 key rewards investors are optimistic about regarding Western Digital.

    Before you move on, review a curated set of opportunities that may complement your current Western Digital thesis.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

    Companies discussed in this article include WDC.

    Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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  • Elranatamab Plus Iberdomide Shows Early Efficacy in R/R Multiple Myeloma

    Elranatamab Plus Iberdomide Shows Early Efficacy in R/R Multiple Myeloma

    The combination of elranatamab-bcmm (Elrexfio) and iberdomide (CC-220) demonstrated early efficacy in the form of responses with safety that aligned with known toxicities of the individual agents in patients with relapsed or refractory multiple myeloma, according to data from part 1 of the phase 1b MagnetisMM-30 trial (NCT06215118) presented during the 2025 ASH Annual Meeting.1

    At a median follow-up of 7.8 months (range, 0.7-11.3), the doublet induced an objective response rate (ORR) of 95.5% (95% CI, 77.2%-99.9%) in all evaluable patients (n = 22), which included a complete response (CR) or better rate of 45.5% and a very good partial response (VGPR) or better rate of 77.3%. Moreover, responses occurred early, with a median time to response of 1.4 months (range, 0.5-2.7).

    When broken down by dose level, in those who received elranatamab at 76 mg once weekly plus 1.0 mg of iberdomide (DL1; n = 13), the ORR with the combination was 92.3% (95% CI, 64.0%-99.8%) at a median follow-up of 9.4 months (range, 0.7-11.3); the CR or better rate was 46.2% and the VGPR or better rate was 69.2%. In patients given elranatamab at 76 mg once every 2 weeks plus 1.0 mg of iberdomide (DL-1; n = 9), the ORR achieved with the doublet was 100.0% (95% CI, 66.4%-100.0%) with 44.4% of patients experiencing a CR or better and 88.9% of patients experiencing a VGPR or better. The median follow-up for this group was 5.2 months (range, 4.5-6.4).

    When examining ORR by cytogenetic risk, those with standard risk (n = 11) experienced a confirmed ORR of 100% (95% CI, 71.5%-100.0%) by investigator assessment, which included CR or better and VGPR or better rates of 36.4% and 72.7%, respectively. In those determined to have high cytogenetic risk (n = 9), the ORR with the combination was slightly lower, at 88.9% (95% CI, 51.8%-99.7%); in this group, the CR or better rate was 44.4% and the VGPR or better rate was 77.8%. Two patients were noted to have missing cytogenetic risk data; these patients both experienced a CR with the regimen.

    In evaluable patients (n = 17), 4 dose-limiting toxicities (DLTs) were observed; 2 occurred at DL1 (grade 3 anorexia and grade 4 neutropenia) and 2 at DL-1 (grade 3 febrile neutropenia and grade 4 neutropenia). The most common treatment-emergent adverse effects (TEAEs) experienced with the regimen included hematologic effects, particularly neutropenia (n = 17, 77.3%); infections (n = 9, 40.9%); and cytokine release syndrome (CRS) (n = 15, 68.2%). Notably, most infections were grade 2 or lower as were all cases of CRS and immune effector cell–associated neurotoxicity syndrome (ICANS) that were reported.

    “[The data] demonstrate that the combination of elranatamab and iberdomide is effective and manageable in BCMA-naive patients with relapsed/refractory multiple myeloma,” Attaya Suvannasankha, MD, of Melvin and Bren Simon Comprehensive Cancer Center, Indiana University, in Indianapolis, Indiana, said in a presentation of the data. “Even with a median follow-up of just 7.8 months, the overall response rate of 95.5% and CR rate or better [rate] of 45.5% appears to favorably [compare with] the single-agent outcomes in a different population, as well as also some emerging combinations with CELMoDs.”

    What inspired the launch of the phase 1b MagnetisMM-30 study?

    Making Sense of MagnetisMM-30: Elranatamab Plus Iberdomide in R/R Multiple Myeloma

    • Early data from MagnetisMM-30 indicated that the combination of elranatamab and iberdomide induced an ORR of 95.5% with rapid, deep, and potentially durable responses in patients with BCMA-naive relapsed/refractory multiple myeloma.
    • The safety profile of the regimen was reported to be manageable, with expected toxicities such as neutropenia, infections, and low-grade CRS/ICANS aligning with known profiles of each agent.
    • The early results support the continued evaluation of the doublet in MagnetisMM-30, where part 2 will refine dosing to optimize the balance between efficacy and tolerability.

    In August 2023, the FDA granted accelerated approval to the bispecific BCMA-directed CD3 T-cell engager elranatamab for use in adult patients with relapsed or refractory multiple myeloma who have previously received at least 4 lines of therapy, including a proteasome inhibitor (PI), an immunomodulatory drug (IMiD), and an anti-CD38 monoclonal antibody.2 The decision was supported by data from the phase 2 MagnetisMM-3 trial (NCT04649359) in which the agent induced an ORR of 57.7% (95% CI, 47.3%-67.7%) in evaluable patients (n = 97), with 82% remaining in response for at least 9 months. Updated data showed an ORR of 61.0% with a CR or better rate of 37.4%, as well as a median progression-free survival of 17.2 months and a median overall survival of 24.6 months.3,4

    Suvannasankha added that iberdomide is an oral CELMoD that has been shown to lead to better immunomodulatory activity and antiproliferative and proapoptotic activity in myeloma cells compared with IMiDs.1 Preclinical data have shown that the agent promotes the activation and proliferation of T cells and leads to stronger T-cell engagement and better T-cell fitness, she added.

    “So, based on the complementary mechanism of action, it would be rational to think that the combination may improve efficacy—particularly in patients with relapsed/refractory multiple myeloma,” Suvannasankha said. “This provided a scientific rationale for the MagentisMM-30 study.”

    What is the design of the MagnetisMM-30 study?

    The phase 1b, open-label, multicenter, prospective study is comprised of 2 parts: the dose-escalation and dose-optimization portions of the research. The trial enrolled patients aged 18 years or older with multiple myeloma per International Myeloma Working Group criteria and who had an ECOG performance status ranging from 0 to 1. These patients had previously received 2 to 4 lines of therapy, including at least 1 IMiD and at least 1 PI, and were relapsed or refractory to their last line of therapy. “Of note, all patients were BCMA naive,” Suvannasankha said.

    Those who underwent stem cell transplant within 12 weeks of enrollment or who had active graft-vs-host disease were excluded, as were those with ongoing peripheral sensory or motor neuropathy that was grade 2 or higher or a history of peripheral motor neuropathy that was grade 3 or higher.

    “In all of the dose levels, patients would first receive the standard step-up dosing of subcutaneous elranatamab according to the approved protocol,” she explained. “Then, after they completed the step-up dosing, the combination would start.” For DL1, patients received elranatamab at 76 mg once weekly paired with iberdomide at 1.0 mg once daily for 21 days out of a 28-day cycle. For DL-1, the dose of elranatamab was reduced to 76 mg every 2 weeks and the iberdomide dose was the same.

    The primary end point for part 1 is DLTs during the DLT observation period. Key secondary end points include safety in the form of adverse effects (AEs) and laboratory abnormalities, ORR, CR rate, time-to-event end points, minimal residual disease negativity rate, and immunogenicity. Part 2 is designed to further examine the safety and preliminary efficacy of the combination at 2 dosing regimens.

    At the ASH Annual Meeting, Suvannasankha shared preliminary findings from part 1 of the trial.

    What should be known about the MagnetisMM-30 patient population?

    At a data cutoff date of September 19, 2025, a total of 22 patients who have been enrolled at centers throughout the United States, Canada, and Australia. The median patient age was 68.0 years (range, 46-83); 45.5% of patients were male, more than half (68.2%) were White, and 54.5% had an ECOG performance status of 1. Moreover, patients had stage I (22.7%), II (63.6%), or III (4.5%) disease by Revised International Staging System criteria.

    “Key characteristics also include 40.9% of patients with high-risk cytogenetics, 18.2% had extramedullary disease, 50% of patients were already triple-class refractory, [and] a high proportion, 77.3% of patients, had had high-dose chemotherapy and [prior] stem cell transplantation,” Suvannasankha noted. “Also, 86.4% were refractory to their prior line of therapy.”

    Of the 22 patients, 13 received elranatamab at DL1 and 9 received it at DL-1. In the DL1 group, 5 patients discontinued treatment due to an AE (n = 2), progressive disease (n = 2), or death (n = 1), which was noted to not be associated with study treatment. A total of 8 patients in the DL1 group were still receiving treatment at cutoff. In the DL-1 group, all patients were still receiving treatment.

    The relative dose intensity for elranatamab and iberdomide in the overall population was 78.2% (range, 33.3%-100.4%) and 74.3% (range, 36.1%-100.0%) respectively. Dose interruptions for elranatamab were required in 81.8% of patients; 81.8% of patients also required dose interruptions of iberdomide. Moreover, 54.5% of patients required dose reductions of iberdomide.

    “In comparing the DL-1 and the DL1, it was clear that elranatamab relative dose intensity according to plan, was better, suggesting a better safety profile and tolerability,” Suvannasankha said.

    What was learned about the toxicity profile of elranatamab plus iberdomide in this population of patients with relapsed/refractory multiple myeloma?

    Suvannasankha noted that 59.1% of patients were given granulocyte colony-stimulating factor at some point in their treatment course with the combination.

    Any-grade TEAEs occurred in all patients, and 86.4% of cases were grade 3 or 4 in severity. The most common TEAEs were neutropenia (any grade, 77.3%; grade 3/4, 72.7%), CRS (68.2%; 0%), fatigue (63.6%; 0%), diarrhea (50.0%; 0%), headache (45.5%; 0%), cough (45.5%; 0%), nausea (40.9%; 0%), injection site reaction (40.9%; 0%), decreased appetite (36.4%; 4.5%), anemia (31.8%; 13.6%), and lymphopenia (18.2%; 18.2%). Broken down further, in terms of CRS, 54.5% of cases were grade 1 and 13.6% were grade 2; grade 1 or 2 ICANS occurred in 4.5% and 4.5% of patients, respectively.

    Moreover, 40.9% of patients experienced any-grade infections; 2 cases were grade 3, with one patient experiencing gastroenteritis Escherichia coli and the other experiencing a skin infection. The most common infections included upper respiratory tract infection (27.3%), Candida infection (13.6%), and urinary tract infection (9.1%).

    What was learned about response and PFS with elranatamab plus iberdomide in myeloma?

    “It is clear that the responses occurred early and continue to deepen over time. Even with a short follow-up on the DL-1, there are already several patients who have, in fact, achieved complete remission. For the DL1 patients who achieved remission, [they] continue to sustain that remission,” Suvannasankha explained. “Patients who stopped therapy include those who had very early progression, who were not even able to start the combination and already passed away from progression of disease, patients who had pancreas cancer, and also patients who progressed and eventually died from the cancer. Two patients discontinued therapy for other reasons unrelated to progression, and they continue to enjoy remission.”

    What is next for MagnetisMM-30 and elranatamab plus iberdomide in this disease?

    The study is ongoing and continues to recruit patients for part 2. “[We] aim to incorporate a larger number of patients and also evaluate different dose and schedule of elranatamab and iberdomide to try to balance efficacy and toxicity,” Suvannasankha concluded.

    Disclosures: Suvannasankha serves in a consultancy role for Karyopharm, Bristol Myer Squibb, GlaxoSmithKline, Regeneron, Sanofi, Jannsen, and Janssen Oncology. Research funding was provided by Bristol Myers Squibb, Regeneron, GlaxoSmithKline, Pfizer, Janssen, Janssen Oncology, and Sutro.

    References

    1. 1.Suvannasankha A, Kaufman JL, Badros A, et al. Safety and efficacy of elranatamab in combination with iberdomide in patients with relapsed or refractory multiple myeloma: results from the phase 1b MagentisMM-30 trial. Presented at: 2025 ASH Annual Meeting; December 6-9, 2025; Orlando, FL. Abstract #100.
    2. 2.FDA grants accelerated approval to elranatamab-bcmm for multiple myeloma. FDA. August 14, 2023. Accessed December 6, 2025. https://www.fda.gov/drugs/resources-information-approved-drugs/fda-grants-accelerated-approval-elranatamab-bcmm-multiple-myeloma
    3. 3.Lesokhin AM, Tomasson MH, Arnulf B, et al. Elranatamab in relapsed or refractory multiple myeloma: phase 2 MagnestisMM-3 trial results. Nat Med. 2023;29(9):2259-2267. doi:10.1038/s41591-023-02528-9
    4. 4.Tomasson MH, Ida S, Niesvizky R, et al. Long-term survival and safety of elranatamab in patients with relapsed or refractory multiple myeloma: Update from the MagnetisMM-3 study. Hemasphere. 2024;8(7):e136. doi:10.1002/hem3.136

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